Securities code: Jiangxi Yuean Advanced Materials Co.Ltd(688786) securities abbreviation: Jiangxi Yuean Advanced Materials Co.Ltd(688786)
Jiangxi Yuean Advanced Materials Co.Ltd(688786) investor relations activity record
(March 2022)
□ specific object research □ analyst meeting
Investor relations □ media interview □ performance briefing
Activity category □ press conference □ Roadshow
□ site visit
□ others (please specify other activities in words)
Name of participants: Guangfa asset management: Liu Wenliang, China International Capital Corporation Limited(601995) : Xue Huirong, Liu Caiping, zhaotu Investment: Prince and staff surnamed Jie, Chunhou Fund: Wu ruozong, Harvest Fund: Xie Zelin, Boshi Fund: Zhang Jian, Yinhua, Guo Lei, Hua'an Fund: Chen Chun, Hua Chao
name
Time: March 2022
Location teleconference
Listed company connection
Jiangxi Yuean Advanced Materials Co.Ltd(688786) Secretary: Li Bo
Name of person to be
The two sides had a meeting and communication on further understanding of Jiangxi Yuean Advanced Materials Co.Ltd(688786) relevant conditions. The specific contents are as follows:
Investor relations 1. Q: what are the main reasons for the significant increase in the output value of the company in the first half of 2021 compared with the first half of 2020?
A: on the one hand, the first half of 2020 is affected by the epidemic, and its base is low. Therefore, the first half of 2021 has a large increase compared with the first half of 2020; On the other hand, the added value of the product has increased.
2. Q: what are the company's product production advantages in the power market?
A: first of all, the company has the advantage of self-produced gas and high utilization rate. Secondly, the company has strong technical experience and production capacity in making fine powder. The components made of fine powder have the advantage of low energy consumption in high frequency. 3. Q: will products in the field of magnetic particle cores be expanded this year? A: the first task of this year is that the traditional coarse powder can form a preliminary scale, which can meet the scale needs of magnetic particle core customers; Secondly, the company will independently develop special powder materials for medium and high frequency magnetic particle cores. 4. Q: is the market demand for carbonyl iron powder still expanding? A: the market demand for carbonyl iron powder in the automotive electronics industry is expected to grow steadily, because carbonyl iron powder has good resistance to high current. It will be safer to use carbonyl iron powder under the impact of high current, and has certain advantages in application scenarios with high requirements for safety redundancy. 5. Q: does the company have a business plan for the downstream market? A: the company's cultural philosophy is that it does not want to compete with the downstream. The application scenario of soft magnetic in new energy that we are paying more attention to now does not conflict with the company's current customer group. The company is increasing research and development, striving to stabilize the production line of soft magnetic materials for power as soon as possible and expand the growth space of the company's products. 6. Q: what is the market penetration in the future? A: the company's focus now is to further control the cost, expand the application scenarios of products, give full play to the performance advantages of the company's fine powder at high frequency, cooperate with the third generation power semiconductor to improve the efficiency of electromagnetic conversion, and open a new growth point of business. 7. Q: what are the market advantages of MIM? A: MIM's market advantages are generally reflected in two aspects: one is the balance point between price and quality; On the other hand, it depends on the strength and scale of the enterprise. In addition to the above conditions, the company has produced ultra-fine powder below 10 microns for many years. Most of MIM is used for appearance parts. The finer the powder, the better the surface finish after forming, the more spherical the powder, the smooth surface and good fluidity, which is conducive to the polishing of appearance parts after forming. 8. Q: is there a market demand for high-power carbonyl iron powder? A: carbonyl iron powder has certain performance characteristics in high-frequency and high-power environment. The company is increasing research and development and simultaneously promoting the modification of carbonyl iron powder and amorphous powder, so as to meet the technical requirements of high-power and high-frequency in the future. 9. Q: where are the links with relatively high technical barriers? Answer: carbonyl iron powder has high technological barriers, mainly in the synthesis and thermal decomposition sections. The products in the synthesis process need full-automatic production line, and the threshold is high; The optimization of temperature and pressure in the process of thermal decomposition will affect the particle size and properties of the final powder. 10. Q: what is the current application of automotive electronics market? A: carbonyl iron integrated inductor is mainly used in automobile control system; In the downstream, composite soft magnetic powder (made of carbonyl iron powder and atomized alloy powder) has been used to make integrated inductors, which may open the field of on-board OBC. 11. Q: what are the advantages of the company's products? Answer: the company has less powder preparation technology and can provide two solutions for customers at the same time; Secondly, in terms of cost advantage, the post-processing is shared by the production line, which can be adjusted according to the downstream demand and demand to improve the capacity utilization; Finally, the company has the advantage of gas sharing cost. 12. Q: what is the revenue comparison of main products and the proportion of downstream revenue in 2021? A: after the reduction of deep-processing products, the proportion of revenue of carbonyl iron powder and atomized alloy powder is basically the same; Downstream, MIM accounts for 40-50% of revenue (mainly atomized alloy powder), and electronic components (mainly carbonyl iron powder) account for 30-40% of revenue. 13. Q: downstream application of carbonyl iron powder? Answer: the downstream application of carbonyl iron powder is MIM powder and integrated chip inductor. MIM powder shall be used for precision structural parts; Integrated chip inductors are mainly used in the field of consumer electronics and automotive electronics, as follows: (1) consumer electronics: servers, laptops, smart phones; (2) Automotive electronics: control system, entertainment system, intelligent driving. 14. Q: what is the impact of rising iron prices on the company's iron powder business? A: the market price increase in the fourth quarter of 2021 currently has an impact on the gross profit margin of about 2-3%. The scale of follow-up technological transformation and efficiency improvement is expected to improve the gross profit margin. 15. Q: what is the current situation of high price carbonyl iron powder?
A: in terms of product structure, the company will increase the proportion of high priced fine powder. The downstream of high priced fine powder is mainly electronic inductance manufacturers; Among them, the most high-end iron powder accounts for about 1-2% of the company's production capacity. At present, the downstream demand is higher than the company's production capacity.
16. Q: what is the progress of the company's new business?
A: the composite soft magnetic powder (carbonyl iron powder + traditional materials mixed to achieve high-performance products) for wound power inductors is in the stage of small batch supply. The downstream application in the field of optical storage new energy is likely to achieve a breakthrough in this field.
17. Q: what about MIM business?
A: first, MIM has a good boom and is gradually expanding in the folding screen market;
Second, due to the overall rise in the price of raw materials, the gross profit margin has been affected to a certain extent;
Third, the cobalt content in the products of downstream major customers is high, and the company adopts the raw material cost plus pricing model. The rise of cobalt price has little impact on the absolute value of gross profit per ton.
Fourth, in the future, the company will focus on developing new products with low cobalt content, replace them with non cobalt materials, and reduce the proportion of revenue of products with high cobalt content.
List of accessories (if any)
Date: March 2022
